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Administrative/Regulatory

Jul. 9, 2024

CFPB targets repeat offenders with ‘Scarlet Letter’ rule finalization

The Consumer Financial Protection Bureau has issued a final rule that creates a public registry for certain nonbank financial institutions that have broken consumer protection laws and are subject to a public government or court order. The inclusion of the “repeat offender” registry is a component of the Bureau’s larger initiative aimed at discouraging corporate repeat offenses.

Moorari Shah

Partner, Sheppard, Mullin, Richter & Hampton LLP

Moorari is a partner in the firm's Finance and Bankruptcy Practice Group.

Mehul Madia

Special Counsel, Sheppard, Mullin, Richter & Hampton LLP

Shutterstock

As part of its ongoing efforts to deter what it views as rampant corporate recidivism, the Consumer Financial Protection Bureau (CFPB) issued a final rule on June 3, 2024, that creates a public registry for certain nonbank financial institutions that have broken consumer protection laws and are subject to a public government or court order. This “repeat offender” registry is part of the Bureau’s broader efforts to clamp down on providers of financial products and serv...

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